The pound euro (GBP/EUR) exchange rate is falling for a third straight day.
The euro is rising after hawkish commentary from ECB President Christine Lagarde who said that the central bank wasn’t done with hiking rates.
The market is shrugging off data which showed that German consumer confidence unexpectedly fell for the first time in nine months.
ECB President Lagarde will speak again shortly.
The pound is drifting lower, extending gains from yesterday when data showed UK food inflation cooled slightly to 14.6% from 15.7%.
BoE Governor Andrew Bailey is due to speak later. His comments will be watched closely after the BoE hiked rates by 50 basis points last week.
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